SM Investments Corp. (SMIC), the holding firm of billionaire Henry Sy Sr., said its consolidated net income rose 10 percent to P26.2 billion in nine months of the year ending September.

Consolidated revenues also grew 12 percent to P307.4 billion, from P274.6 billion last year.

“The results of the first nine months have been reassuring with the resilient performance of property, banking and retail. Our financial results reflect the ongoing strength of consumer sentiment, even as we continue to monitor inflationary pressures,” SM President Frederic C. DyBuncio said in a statement.

For the first nine months, property accounted for 43 percent of SMIC’s net earnings, followed by banks at 36 percent and retail at 21 percent.

SM Retail Inc., which comprises both food business, such as the supermarket and nonfood, the department store and specialty retail, said its total revenues grew 11 percent to P227 billion in the first nine months of the year, while net income rose to P7.9 billion, from P7.7 billion.

Revenues from Specialty Retail grew 16 percent. The department-store segment opened three stores in Urdaneta, Telabastagan and Legazpi during the nine-month period. Total gross selling area of all 62 department stores stood at over 792,000 square meters.

The food retail group added 13 Savemore, four SM Supermarkets, three SM Hypermarkets and six WalterMart stores for a total of 26 new stores to date. Alfamart added 135 stores.

At end-September, SM Retail had a total of 2,212 stores comprising 62 department stores, 1,315 specialty retail stores, 56 supermarkets, 50 hypermarkets, 194 Savemore, 52 WalterMart and 483 Alfamart stores.

Shopping-mall operator SM Prime Holdings Inc. reported net income growth of 17 percent for the period to P23.4 billion.

BDO Unibank Inc., the country’s largest lender, posted a net income of P21.5 billion, up 6 percent from last year. Net interest income grew 20 percent to P71.5 billion, supported by a 17-percent increase in gross customer loans to almost P2.0 trillion and a 12-percent growth in total deposits to P2.3 trillion.

Source: Business Mirror